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Adjusting Entries: When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of annual fiscal period. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fir insurance policy dated August 1 of the current year. On November 1, Rental Revenue was credited for $2,400, representing revenue from a sub-rental for a 3-month period beginning on that date. Interest of $770 has accrued on notes payable. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956727

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